How to Send Money Abroad Cheaply

One person’s experience, not advice

Favourl Editorial put together a list of publicly available web pages that helped them, with a note on why each one is here. Favourl hosts the list and the notes — not the pages themselves. Those belong to whoever published them, and linking to a public page is neither an endorsement of it nor any relationship with its owner.

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The sequence

In the order Favourl Editorial put them. Each step points at a public page they used; where they left a note, that is the part worth reading.

1
consumerfinance.gov
The exchange rate is the fee
'Zero commission' usually means a poor rate. Compare the amount that arrives, nothing else.
Source: consumerfinance.gov
2
xe.com
Check the mid-market rate
The real rate. The gap between this and the quote is what you are paying.
Source: xe.com
3
rbi.org.in
RBI rules on remittance
Limits and documentation under the Liberalised Remittance Scheme.
Source: rbi.org.in
4
which.co.uk
Compare providers
Banks are usually the most expensive option for small transfers.
Source: which.co.uk
5
incometax.gov.in
Tax on remittances
TCS may apply above certain thresholds. Know before, not at filing time.
Source: incometax.gov.in

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How to Send Money Abroad Cheaply

The sequence

The exchange rate is the fee

Check the mid-market rate

RBI rules on remittance

Compare providers

Tax on remittances

Save all 5 links in one tap

Read next

How this was published